will be appointed as new members of the GEC. A further appointment will be announced in due course.

Josef Ackermann, Chairman of the Management Board and of the GEC of Deutsche Bank said: “These appointments reflect the bank’s globalization and the growth of the Global Transaction Banking Division. They also demonstrate the great significance that the GEC will continue to have in the future management of the bank and underline the unchanged importance of the business divisions not directly represented on the Management Board. We will continue to reinforce and invest in all of our core businesses – Global Markets, Global Banking including Global Transaction Banking, Private & Business Clients, Private Wealth Management and Asset Management – without exception."

This release also contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues, potential defaults of borrowers or trading counterparties, the implementation of our management agenda, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 26 March 2008 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir .